China's Nationalists had an impressive record of achievement in the prewar years, although there were serious weaknesses along with the strengths. They brought about a major transformation after the chaotic warlord era of the twenties. They largely overcame separatist revolts; established a functioning government with a radically improved fiscal system and good credit; stabilized exchange and reformed the economy; and started a promising program of economic development.

All this was done despite meagerness of external aid, worldwide depression, subversive efforts of the Communists, and Japan's aggression. The Progress was accomplished mainly by self-help and with readiness to accept advice.

Arthur N. Young began a distinguished career as a financial adviser in 1918, first to the Mexican Government and later to the Government of Honduras. From 1922 to 1928 he was the Economic Adviser to the Department of State. In 1929 he was invited by the Chinese Government to be Financial Adviser, and he accumulated an impressive list of accomplishments in and for China until his resignation in 1947 because of illness. He has since served in twelve countries either as an adviser engaged by a foreign government or on a mission for the American Government. He is author of many books, reports, and articles.